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2020-10-13
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-38594
Tilray, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware |
|
82-4310622 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
1100 Maughan Road
Nanaimo, BC, Canada, V9X IJ2
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (844) 845-7291
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange on which registered |
Class 2 Common Stock, $0.0001 par value per share |
|
TLRY |
|
The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☒ |
|
|
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
|
|
Smaller reporting company |
☐ |
Emerging growth company |
☐ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 9, 2020, the registrant had 133,526,319 shares of Class 2 Common Stock, $0.0001 par value per share, outstanding.
Table of Contents
i
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
TILRAY, INC.
Condensed Consolidated Balance Sheets
(in thousands of United States dollars, except for share and par value data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
155,205 |
|
|
$ |
96,791 |
|
Accounts receivable, net of allowance for credit losses of $826 and provision for sales returns of $1,212 (December 31, 2019 - $615 and $1,400, respectively) |
|
|
24,805 |
|
|
|
36,202 |
|
Inventory |
|
|
89,917 |
|
|
|
87,861 |
|
Prepayments and other current assets |
|
|
28,154 |
|
|
|
38,173 |
|
Assets held for sale |
|
|
6,797 |
|
|
|
— |
|
Total current assets |
|
|
304,878 |
|
|
|
259,027 |
|
Property and equipment, net |
|
|
187,630 |
|
|
|
184,217 |
|
Operating lease, right-of-use assets |
|
|
18,460 |
|
|
|
17,514 |
|
Intangible assets, net |
|
|
180,853 |
|
|
|
228,828 |
|
Goodwill |
|
|
159,595 |
|
|
|
163,251 |
|
Equity method investments |
|
|
8,911 |
|
|
|
11,448 |
|
Other investments |
|
|
22,710 |
|
|
|
24,184 |
|
Other assets |
|
|
4,324 |
|
|
|
7,861 |
|
Total assets |
|
$ |
887,361 |
|
|
$ |
896,330 |
|
Liabilities |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
26,137 |
|
|
|
39,125 |
|
Accrued expenses and other current liabilities |
|
|
32,526 |
|
|
|
50,829 |
|
Accrued lease obligations |
|
|
3,230 |
|
|
|
2,473 |
|
Warrant liability |
|
|
71,636 |
|
|
|
— |
|
Total current liabilities |
|
|
133,529 |
|
|
|
92,427 |
|
Accrued lease obligations |
|
|
30,075 |
|
|
|
29,407 |
|
Deferred tax liability |
|
|
48,090 |
|
|
|
53,363 |
|
Convertible notes, net of issuance costs |
|
|
438,154 |
|
|
|
430,210 |
|
Senior Facility, net of transaction costs |
|
|
45,944 |
|
|
|
— |
|
Other liabilities |
|
|
4,852 |
|
|
|
5,652 |
|
Total liabilities |
|
$ |
700,644 |
|
|
$ |
611,059 |
|
Commitments and contingencies (refer to Note 18) |
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Class 1 common stock ($0.0001 par value, 233,333,333 and 250,000,000 shares authorized, respectively; 0 and 16,666,667 shares issued and outstanding, respectively) |
|
|
— |
|
|
|
2 |
|
Class 2 common stock ($0.0001 par value; 500,000,000 shares authorized;
133,289,944 and 86,114,560 shares issued and outstanding, respectively) |
|
|
13 |
|
|
|
9 |
|
Additional paid-in capital |
|
|
911,171 |
|
|
|
705,671 |
|
Accumulated other comprehensive income |
|
|
2,689 |
|
|
|
9,719 |
|
Accumulated deficit |
|
|
(727,156 |
) |
|
|
(430,130 |
) |
Total stockholders’ equity |
|
|
186,717 |
|
|
|
285,271 |
|
Total liabilities and stockholders’ equity |
|
$ |
887,361 |
|
|
$ |
896,330 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
TILRAY, INC.
Condensed Consolidated Statements of Net Loss and Comprehensive Loss
(in thousands of United States dollars, except for share and per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenue |
|
$ |
51,406 |
|
|
$ |
51,101 |
|
|
$ |
153,922 |
|
|
$ |
120,043 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product costs |
|
|
34,224 |
|
|
|
35,047 |
|
|
|
108,616 |
|
|
|
85,806 |
|
Inventory valuation adjustments |
|
|
13,443 |
|
|
|
201 |
|
|
|
36,116 |
|
|
|
726 |
|
Gross profit |
|
|
3,739 |
|
|
|
15,853 |
|
|
|
9,190 |
|
|
|
33,511 |
|
General and administrative expenses |
|
|
12,665 |
|
|
|
20,122 |
|
|
|
49,030 |
|
|
|
49,618 |
|
Sales and marketing expenses |
|
|
10,000 |
|
|
|
16,974 |
|
|
|
40,709 |
|
|
|
39,161 |
|
Research and development expenses |
|
|
921 |
|
|
|
2,315 |
|
|
|
2,831 |
|
|
|
4,891 |
|
Stock-based compensation expenses |
|
|
8,080 |
|
|
|
8,644 |
|
|
|
23,404 |
|
|
|
22,303 |
|
Depreciation and amortization expenses |
|
|
3,425 |
|
|
|
3,200 |
|
|
|
10,353 |
|
|
|
7,457 |
|
Impairment of assets |
|
|
— |
|
|
|
— |
|
|
|
58,210 |
|
|
|
— |
|
Acquisition-related expenses (income), net |
|
|
— |
|
|
|
(13,454 |
) |
|
|
— |
|
|
|
(6,566 |
) |
Loss from equity method investments |
|
|
1,420 |
|
|
|
1,837 |
|
|
|
4,495 |
|
|
|
1,837 |
|
Operating loss |
|
|
(32,772 |
) |
|
|
(23,785 |
) |
|
|
(179,842 |
) |
|
|
(85,190 |
) |
Foreign exchange (gain) loss, net |
|
|
(9,319 |
) |
|
|
2,585 |
|
|
|
5,424 |
|
|
|
1,153 |
|
Change in fair value of warrant liability |
|
|
(31,913 |
) |
|
|
— |
|
|
|
51,275 |
|
|
|
— |
|
Interest expenses, net |
|
|
10,437 |
|
|
|
8,680 |
|
|
|
30,147 |
|
|
|
26,005 |
|
Finance income from ABG |
|
|
— |
|
|
|
(210 |
) |
|
|
— |
|
|
|
(557 |
) |
Other expense (income), net |
|
|
(38 |
) |
|
|
(1,116 |
) |
|
|
4,944 |
|
|
|
(6,185 |
) |
Loss before income taxes |
|
|
(1,939 |
) |
|
|
(33,724 |
) |
|
|
(271,632 |
) |
|
|
(105,606 |
) |
Deferred income tax expenses (recoveries) |
|
|
134 |
|
|
|
2,432 |
|
|
|
(4,013 |
) |
|
|
(3,987 |
) |
Current income tax expenses (benefit) |
|
|
243 |
|
|
|
195 |
|
|
|
505 |
|
|
|
402 |
|
Net loss |
|
$ |
(2,316 |
) |
|
$ |
(36,351 |
) |
|
$ |
(268,124 |
) |
|
$ |
(102,021 |
) |
Net loss per share - basic and diluted |
|
|
(0.02 |
) |
|
|
(0.37 |
) |
|
|
(2.23 |
) |
|
|
(1.05 |
) |
Weighted average shares used in computation of net loss per
share - basic and diluted |
|
|
129,100,909 |
|
|
|
98,130,507 |
|
|
|
120,128,856 |
|
|
|
96,742,626 |
|
Net loss |
|
$ |
(2,316 |
) |
|
$ |
(36,351 |
) |
|
$ |
(268,124 |
) |
|
$ |
(102,021 |
) |
Foreign currency translation gain (loss), net |
|
|
2,265 |
|
|
|
(4,863 |
) |
|
|
(7,184 |
) |
|
|
(2,414 |
) |
Unrealized gain on available-for-sale debt securities |
|
|
193 |
|
|
|
11 |
|
|
|
154 |
|
|
|
80 |
|
Other comprehensive income (loss) |
|
|
2,458 |
|
|
|
(4,852 |
) |
|
|
(7,030 |
) |
|
|
(2,334 |
) |
Comprehensive income (loss) |
|
$ |
142 |
|
|
$ |
(41,203 |
) |
|
$ |
(275,154 |
) |
|
$ |
(104,355 |
) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
TILRAY, INC.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands of United States dollars, except for share data, unaudited)
|
|
Common stock |
|
|
Additional |
|
|
Accumulated other |
|
|
|
|
|
|
Total |
|
|
|
Number of
shares |
|
|
Amount |
|
|
paid-in
capital |
|
|
comprehensive (loss)
income |
|
|
Accumulated
deficit |
|
|
stockholders' equity
(deficit) |
|
Balance as of December 31, 2018 |
|
|
93,170,867 |
|
|
$ |
10 |
|
|
$ |
302,057 |
|
|
$ |
3,763 |
|
|
$ |
(108,177 |
) |
|
$ |
197,653 |
|
Cumulative effect adjustment from transition to ASU 2016-01 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
803 |
|
|
|
(803 |
) |
|
|
— |
|
Cumulative effect adjustment from transition to ASC 842 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
|
|
19 |
|
Shares issued for Natura acquisition |
|
|
180,332 |
|
|
|
— |
|
|
|
15,100 |
|
|
|
— |
|
|
|
— |
|
|
|
15,100 |
|
Shares issued for Manitoba Harvest acquisition |
|
|
1,209,946 |
|
|
|
— |
|
|
|
96,844 |
|
|
|
— |
|
|
|
— |
|
|
|
96,844 |
|
Shares issued for ABG Profit Participation Agreement |
|
|
1,680,214 |
|
|
|
— |
|
|
|
125,097 |
|
|
|
— |
|
|
|
— |
|
|
|
125,097 |
|
ABG finance receivable, net of finance income of $2,700 |
|
|
— |
|
|
|
— |
|
|
|
(30,292 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30,292 |
) |
Shares issued under stock-based compensation plans |
|
|
545,000 |
|
|
|
— |
|
|
|
931 |
|
|
|
— |
|
|
|
— |
|
|
|
931 |
|
Shares issued for employee compensation |
|
|
11,868 |
|
|
|
— |
|
|
|
649 |
|
|
|
— |
|
|
|
— |
|
|
|
649 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
5,736 |
|
|
|
— |
|
|
|
— |
|
|
|
5,736 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(456 |
) |
|
|
— |
|
|
|
(456 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,369 |
) |
|
|
(29,369 |
) |
Balance as of March 31, 2019 |
|
|
96,798,227 |
|
|
$ |
10 |
|
|
$ |
516,122 |
|
|
$ |
4,110 |
|
|
$ |
(138,330 |
) |
|
$ |
381,912 |
|
Shares issued under stock-based compensation plans |
|
|
530,943 |
|
|
|
— |
|
|
|
3,483 |
|
|
|
— |
|
|
|
— |
|
|
|
3,483 |
|
Shares issued for investment acquisition |
|
|
28,361 |
|
|
|
— |
|
|
|
70 |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
Stock-based compensation expenses |
|
|
— |
|
|
|
— |
|
|
|
7,923 |
|
|
|
— |
|
|
|
— |
|
|
|
7,923 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,974 |
|
|
|
— |
|
|
|
2,974 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,301 |
) |
|
|
(36,301 |
) |
Balance at June 30, 2019 |
|
|
97,357,531 |
|
|
$ |
10 |
|
|
$ |
527,598 |
|
|
$ |
7,084 |
|
|
$ |
(174,631 |
) |
|
$ |
360,061 |
|
Shares issued for common stock at-the-market, net of issuance costs |
|
|
1,344,166 |
|
|
|
— |
|
|
|
37,445 |
|
|
|
— |
|
|
|
— |
|
|
|
37,445 |
|
Shares issued for Manitoba Harvest acquisition |
|
|
899,306 |
|
|
|
— |
|
|
|
31,866 |
|
|
|
— |
|
|
|
— |
|
|
|
31,866 |
|
Shares issued for investments and S&S acquisition |
|
|
433,338 |
|
|
|
— |
|
|
|
14,438 |
|
|
|
— |
|
|
|
— |
|
|
|
14,438 |
|
Finance income for receivable for ABG Profit Participation Arrangement |
|
|
— |
|
|
|
— |
|